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2024-12-31-accounts

TRUSTEES’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

Registered Charity No. 213962

The Royal Society of Literature

Contents

Pages
Reference and administrative details 1 to 2
Trustees’ report 3 to 17
Statement of Trustees’ responsibilities 18
Independent Auditor’s Report to the Trustees 19 to 21
Statement of Financial Activities 22
Balance Sheet 23
Statement of Cash Flow 24
Notes to financial statements 25 to 39

The Royal Society of Literature

Reference and Administrative Details

Registered charity number: 213962
Date of foundation: 1820 (Royal Charter 1825, varied 2017)
Address and contact details: Somerset House, Strand, London WC2R 1LA
info@rsliterature.org
020 7845 4679
Trustees: President:
Bernardine Evaristo OBE
Chair:
Ruth Scurr
Vice-Chair:
Roger Robinson
Treasurer:
Reza Vishkai
Council Members:
Joanna Kavenna (from 15 January 2025)
Patrick McGuiness (from 15 January 2025)
Daisy Hay (from 15 January 2025)
Maureen Freely (from 15 January 2025)
Bill Dixon (from 7 February 2025)
Louise Doughty
Inua Ellams MBE
Catherine Johnson
Helen Mort
Roger Robinson
Ruth Scurr
Susheila Nasta MBE FRSA
Michèle Roberts (to 22 February 2024)
Imtiaz Dharker (to 15 January 2025)
Daljit Nagra (to 15 January 2025)
Boyd Tonkin (to 15 January 2025)
Irenosen Okojie MBE (to 15 January 2025)
Honorary Officers: Presidents Emeriti:
Sir Michael Holroyd CBE CRSL
Colin Thubron CBE CRSL
Dame Marina Warner CBE FBA
Vice-Presidents:
Lisa Appignanesi OBE
Simon Armitage CBE
Mary Beard DBE FSA FBA
Anne Chisholm OBE
Maureen Duffy
Maggie Gee OBE
The Hon Victoria Glendinning CBE
Jackie Kay CBE FRSE
Blake Morrison
Grace Nichols
Sir Philip Pullman CBE CRSL
Elif Shafak
Kamila Shamsie
Colm Tóibín
Claire Tomalin

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The Royal Society of Literature

Reference and Administrative Details

Key Management: Molly Rosenberg, Director (to 31 March 2025)
Catherine Riley, Head of Communications and Partnerships
Martha Stenhouse, Head of Operations (to 31 December 2024)
Mekella Broomberg, Head of Programme (from 10 November 2024)
Laura Greenfield, Director (from 18 August 2025)
Royal Patron: Her Majesty The Queen
Independent Auditor: Azets Audit Services, Chartered Accountants
2ndFloor, Regis House, 45 King William Street, London EC4R 9AN
Bankers: Barclays Bank PLC
Investment managers: Meridiem Investment Managers (former name Veritas Investment Management
LLP), Riverside House, 2a Southwark Bridge Road, London SE1 9HA

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The Royal Society of Literature

Report of the Trustees For the Year Ended 31 December 2024

The Trustees present their report and the audited financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK published on 16 July 2014 and update bulletin 1.

Objectives and Activities

The aim of the Society under its Royal Charter is the advancement of literature . This aim is met through three objectives :

The Society’s activities have been developed and organised to meet these objectives. In developing the Society’s objectives and activities, the Trustees had regard to the Charity Commission’s guidance on public benefit , aiming for literature to benefit the public in at least three areas:

These areas of benefit are related to the three kinds of value of culture identified in The Culture White Paper (Department for Culture, Media and Sport, 2016).

Achievements and Performance 2024

(i) honouring and encouraging great writers

In 2024 the RSL announced the first winners in two new awards, the Entente Litteraire Prize for YA writing in French and English translation, and the RSL Jerwood Poetry Awards for four poets at a step change in their careers, across the four UK nations. These prizes reunited the RSL with a former prize funder, the Jerwood Foundation, and brought the RSL into partnership with several new supporters, including funding from Creative Scotland , the Department for Culture, Media and Sport , and the British Embassy in Paris . As part of our 204[th] anniversary celebrations in December 2024 we were delighted to announce the first winners of the Entente Litteraire Prize at the French Ambassador’s residence, with Her Majesty The Queen and Madame Brigitte Macron in attendance.

Earlier in the year the Encore Award ’s founder and funder Lucy Astor made it possible for the award to support the writers of the year’s best second novels to an even greater extent – the total winning prize was increased to £15,000 and the shortlisted writers now receive £1,000 commending their work.

The RSL welcomed another year of winners for the RSL Ondaatje, Christopher Bland and V.S. Pritchett Prizes , celebrating writing about the spirit of a place, debut fiction and non-fiction writers who begin their literary careers over the age of 50, and short story writers. There was another increase in the number of writers offered free entry to the V.S. Pritchett Prize, made possible by the support of ALCS .

Also at the end of 2024, RSL President Bernardine Evaristo founded and generously supported a new prize. The RSL Scriptorium Awards will provide free writing residencies in a cottage on the Kent coast owned by Evaristo. The residencies, which can be for up to a month at a time, will offer uninterrupted time for professionally active writers to focus on their projects. The Awards will offer space and solitude to ten writers a year, supporting them to sustain their living as authors. Applications opened in June and the first winners will be announced in August 2025.

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The Royal Society of Literature

Report of the Trustees For the Year Ended 31 December 2024

(ii) acting as a voice for the value of literature

The Literature Matters programme was launched in 2017, and since then has grown into one of the RSL’s flagship programmes, encompassing stimulus grants, outreach programmes, and public events, celebrating literature and its makers, and encouraging links between writers, readers, teachers, and students.

(ii) engaging people in literature

Public Events

In 2024 we programmed events with two of our International Writers; Canadian poet and novelist, Anne Michaels and First Nations Australian writer and activist, Tony Birch. We were able to bring Anne Michaels from Toronto for the inaugural Wanda Barford Memorial Lecture, celebrating the late poet and musician, Wanda Barford. She also took part in a panel discussion alongside US-based Claire Messud, chaired by RSL Fellow, Elif Shafak. Tony Birch was en route to the Edinburgh Book Festival and we were able to programme his only London event. He was in conversation with RSL Fellow Dorothea Smartt. All three events took place at the Royal Society of the Arts, the first time we had worked with this venue.

Several events explored the intersection of literature and other art forms, including; cinema (The Color Purple, A Room of One’s Own) fashion (All The Rage) music (The RAP Party) and theatre (Underdog). This was instrumental in reaching new audiences and growing our membership.

To ensure continued engagement with our national and international audience we hosted several online only or hybrid events. We took advantage of the freedom this affords us to include several writers based outside the UK (Tash Aw, NK Jamison, Tommy Orange, Michael Cunningham).

We worked with the French Institute and the British Embassy in France to create a new prize and celebrated this with an event showcasing translated fiction for Young Adults.

Where possible we recorded our events to include in our digital archive.

We hosted multiple events for Dalloway Day, working with Birkbeck College, University of London, the site of Virginia Woolf’s former home. These included a discussion, screening, writing workshop and installation within Woolf’s former writing room.

We rounded up the year with an RSL Book Slam; the first event in a new series of mixed bill literary events.

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The Royal Society of Literature

Report of the Trustees For the Year Ended 31 December 2024

Public Events (continued)

Key Findings:

Number of Total Events: 26

Number of In-Person-Only Events: 16

19 January – The Color Purple (followed by a Live Podcast Recording of Busy Being Black with Irenosen Okojie)

14 March – Art-Lit Salon: Dolls

03 May – Manifesto for Black Futures

11 May – Nostalgia: Architectures of Longing

20 May – Nothing Enrages the Tyrant More Than Hope: The Poem as Witness

24 May – Claire Messud and Anne Michaels in Conversation

04 June – All the Rage in Bloomsbury

06 June – An Evening with Marlon James

11 June – Room 411-My Room At This Moment

12 June – Write & Shine-Dalloway Day

12 June – A Room of One’s Own-Screening

15 August – Tony Birch & Dorothea Smartt in Conversation

26 October – Rupert Everett: The American No

07 November – R.A.P. Party-Jazz

23 November - Young Adult Literature with the Jury of the Entente Litteraire Prize

12 December – RSL x Book Slam

Number of Online-Only Events: 7

06 February – Imaginary Cities

27 February – Careers in Literature

09 May - Underdog: Anne Brontë and her Sisters

01 June - The Inspiration of Vita Sackville-West

18 June – One Day: The Journey from Novel to Netflix

25 June: Day: Michael Cunningham and Tash Aw in Conversation

19 November: A Cage Went in Search of a Bird

Number of Hybrid Events: 3

23 February: Malorie Blackman in conversation with Bernardine Evaristo 25 October: Mapping the Future: Celebrating the Complete Works Poets

13 November: Careers in Literature

Number of Unique Partners: 17

Birkbeck School of The Arts, London, Black to the Future, Book Slam, British Library, Christie's, Curtis Brown Heritage, Fane, King's College London, Newcastle Poetry Festival, RSA, South Ken Kids Festival, Southbank Centre, Speaking Volumes, The French Institute, The London Library, Warner Brothers, Write & Shine

Number of Unique Venues: 12

Bernie Grant Arts Centre, Birkbeck School of The Arts, Black Cultural Archives, Bloomsbury Theatre, King’s College London, Northern Stage, Southbank Centre, The British Library, The French Institute, The Garden Cinema, The London Library, The Royal Society of Arts

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The Royal Society of Literature

Report of the Trustees For the Year Ended 31 December 2024

Public Events (continued)

Number of Unique Speakers: 74

Shona Abhyankar, Debo Amon, Hephzibah Anderson, Mona Arshi, Tash Aw, Shahidha Bari, Lily Blacksell, Malorie Blackman, Tony Birch, Joseph Coelho, Michael Cunningham, Timothee de Fombelle, Inua Ellams, Samantha Ellis, Eska, Bernardine Evaristo, Jumoké Fashola, Aimee Felone, Sana Goyal, Edmund Gordon, Sarah Gordon, Eleanor Greene, Joanne Harris, Will Harris, Marlon James, N.K. Jemisin, Catherine Johnson, Anthony Joseph, Paterson Joseph, Soweto Kinch, Dorothy Koomson, Olivia Laing, Patrice Lawrence, Victor LaValle, Hannah Lowe, Dorian Lynskey, Kevin Maher, Nick Makoha, André Marmot, Marie-Aude Murail, Karen McCarthy Woolf, Claire Messud, Anne Michaels, Caleb Azumah Nelson, David Nicholls, Virginia Nicholson, Juliet Nicolson, Irenosen Okojie, Derek Owusu, Deirdre Osborne, Tommy Orange, Charlie Porter, Ami Rao, Josh Rivers, Leone Ross, Michael Salu, Gemma Seltzer, Elif Shafak, Yomi Sode, Miryam Solomon, Dorothea Smartt, Nicole Taylor, Leah Thorn, DJ Tone, Liorah Tchiprout, Nathalie Teitler, Polly Teale, Jack Underwood, Varaidzo, Belinda Zhawi

Number of Registrations: 2,639

Number of Registrations for In-Person Events: 810

Number of Registrations for Online Events: 1,829

Themes/Subjects: poetry, book-to-screen adaptations, careers, literary prizes

Engagement and Participation

CWGC x RSL

In 2024 we worked with the Commonwealth War Graves Commission (CWGC) – the global organisation responsible for commemorating more than 1.7 million casualties of the First and Second World Wars – to design a new programme to honour non-commemorated labourers in South Africa through poetry, with a collaborative poem and epitaph written by South African poet Koleka Putuma and RSL Chair Daljit Nagra.

It is now known that the then Imperial War Graves Commission, alongside colonial administrations, failed to honour at least 100,000 African and Indian service personnel with the same recognition given to Europeans.

The new memorial was erected within the historic Delville Wood Memorial Garden in Cape Town, with the title of the co-authored poem – ‘your legacies are preserved here’ – engraved in Afrikaans and IsiXhosa onto the stone plinth that forms the centrepiece of the Memorial. Koleka performed the poem as the site was opened by Princess Anne in January.

This work is part of the RSL’s commitment to thinking of UK literature in its global context. Whether through our International Writers awards programme, our events accessible to people around the world, or through new partnerships establishing creative connections between Fellows in the UK and across the globe, the RSL’s work continues to reflect how writing brings us together beyond borders.

Get Creative for Climate Justice

In 2024 the RSL joined the Get Creative for Climate Justice project, jointly run by the RSL, CAFOD, Christian Aid and Oxfam, with the support of the Climate Coalition . The project sought to empower young people to get involved in the campaign for climate justice. Working with partner schools, the RSL engaged young people from across the UK who created written responses to three provocations set by RSL Fellows Hannah Lowe, Monique Roffey and Karen McCarthy Woolf.

The resulting poems, short stories and letters, all focused on the issue of climate justice, were presented in their schools and also shown to local elected representatives – the people who make the laws in the students’ communities. The aim was to help participants feel they were able to take positive action at a local as well as national level – some pieces went on to be displayed at a special exhibition in the Atlee Room at Westminster so that MPs could read the ideas generated and consider taking them on.

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Report of the Trustees For the Year Ended 31 December 2024

Engagement and Participation (continued)

Write Around The World

Write Around the World is an online literacy programme created by the Royal Commonwealth Society (RCL) in partnership with the Royal Society of Literature (RSL) that aims to provide young people around the Commonwealth with an entry point into creative writing. Through a series of interactive and engaging modules that compliment traditional school settings, the programme introduced young people to six different writing genres of the English language; from poetry and short story writing to journalism.

The scheme was launched in late November 2023 and in its first year, the programme of digital writing modules reached over 19,000 young people, with online workshops run by RSL Fellows and Honorary Fellows, Blake Morrison, Susheila Nasta, Imtiaz Dharker, Irenosen Okojie, Kerry Hudson and Nikita Lalwani. As part of the programme, young people were able to submit their pieces of writing to the Queen’s Commonwealth Essay Competition. Entries came from all over the world, a total of 36 countries including the UK, Nigeria, Singapore, Inda, Uganda, Brazil, Mexico, Antigua and Barbuda, Pakistan and Bangladesh.

Engagement with Prisons

The RSL has continued its partnership with the prison readers’ magazine Inside Time , with RSL Fellows sharing book recommendations with prison readers. Jenni Fagan, Louise Doughty and AL Kennedy’s inspiring choices have helped the RSL develop more sustained relationships between writers and prisons to facilitate meaningful encounters for all. The RSL also continues to receive book donations for our partners Give A Book and Prison Reading Groups , who work to get books to people in prisons, coordinating donations of books and magazines in a variety of languages including: Albanian, Polish, French, Spanish, Russian, German, Chinese, Arabic and English.

Membership

Membership of the Society is open to all for an initial annual fee of £60 or £40 for under 30s (reducing to £50 and £30 on renewal). Members’ benefits include exclusive events, free and reduced-price tickets to public events and a free subscription to the annual magazine RSL Review . With reducing take-up of Membership over the last 10 years, the RSL plans to review Membership benefits and recruitment in 2024 following the updates to the website and CRM. To boost membership we offered a ‘two years for the price of one’ offer in May to coincide with the beginning of a busy event season.

RSL Review Magazine

The RSL’s annual magazine includes features on a wide range of literary topics and shares RSL activities. Its circulation of around 2,000 includes all the Society’s Fellows and Members.

For the first time in 2025, we appointed a guest curator, Anthony Vahni Capildeo, who commissioned work from across the Fellowship, engaging Fellows with their chosen theme of ‘From Place To Place’. Content included:

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Report of the Trustees For the Year Ended 31 December 2024

RSL Review Magazine (continued)

The magazine has already outsold the last several years of editions. Coincidentally in the week of its publication it was announced that Anthony Vahni Capildeo had been awarded the highly prestigious Windham-Campbell prize for poetry.

Online Communication and Press

Social media followers have continued to grow across the RSL’s channels in 2024:

The number of people subscribing to the RSL’s monthly e-newsletter during 2024 rose by 5% (from 7996 in January to 8393 in December).

We introduced a new bimonthly Fellows’ newsletter to share more ways that Fellows can engage in the RSL’s work and stay up to date with developments at the Society throughout the year. Open rates are consistently high at around 71%.

In 2024 the RSL faced a challenging year, one that tested the resilience of the organisation. Concerns were raised by a small proportion of the Fellowship over the governance and leadership of the organisation, triggered by some Fellows’ responses to the postponement of the RSL’s Review magazine, and to wider changes at the Society including its new Fellowship election process. In early 2024 the RSL made a serious incident report to the Charity Commission in relation to potential reputational damage from press coverage. The RSL followed due process in providing information to the Charity Commission.

The structure of our Byelaws and historical precedence did not provide a formal mechanism for Fellows to raise their concerns directly and, without that option, the conversation moved into the public sphere which led to intense media scrutiny and placed the RSL at the centre of a highly visible debate.

There was sustained press coverage of this issue across the year, both online and in print – in particular in The Times, the New Statesman and the TLS. This attention has now died down, and we have welcomed very positive press coverage since the start of 2025, covering our awards and prizes and events programme in particular.

(iii) honouring and encouraging great writers

Fellowship

Election as a Fellow of the Royal Society of Literature is a uniquely prestigious honour because the decision is made by other distinguished writers. To be elected, a writer must:

In 2024 we welcomed 29 new Fellows and 13 new Honorary Fellows, and awarded the Benson Medal to SuAndi.

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Report of the Trustees For the Year Ended 31 December 2024

Fellowship (continued)

In 2024, the following writers were made Fellows of the RSL:

Hassan Abdulrazzak Vona Groarke Okechukwu Nzelu Tony Bradman Guy Gunaratne Nii Ayikwei Parkes Jacqueline Crooks Sunetra Gupta Clare Pollard Elizabeth Day Sophie Hannah Jacob Polley Sarah Dunant Mick Herron Kate Pullinger Martina Evans Afua Hirsch Deryn Rees-Jones Linda France Victoria Hislop Richard Scott Annie Freud Khadijah Ibrahiim Diana Souhami Gabriel Gbadamosi Anjali Joseph Louisa Young Priyamvada Gopal Joanna Kavenna

The RSL has also been awarding Honorary Fellowships since its foundation in 1820, in relatively small numbers. In 2017, with the revision of its Constitution and Byelaws, the Society clarified that Honorary Fellowships were to celebrate individuals who, though they may also be writers, had made a significant contribution to literature by facilitating the writing of others, for example as agents, producers, publishers or booksellers.

In 2024, the following were elected as Honorary Fellows:

SuAndi Sarah Ardizzone Lucy Astor Sanchita Basu De Sarkar Frances Coady Geraldine Collinge Sue Gee Lucy Hannah Claire Malcolm Jean McNicol Emma Rice Alice Spawls Amy Wack

The following Fellows and Honorary Fellows died during 2024: Fleur Adcock Bruce Arnold Paul Bailey John Burnside David Lodge Edna O’Brien

Awards and Prizes

The RSL offers a number of Awards and Prizes to recognise literary merit and encourage writers at all stages of their careers. Following the COVID-19 pandemic, the decision was made to keep some announcements online to reduce costs, sharing videos of the winners on the RSL’s social media platforms. Awards and Prizes presented were as follows:

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Report of the Trustees For the Year Ended 31 December 2024

Awards and Prizes (continued)

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The Royal Society of Literature

Report of the Trustees For the Year Ended 31 December 2024

Awards and Prizes (continued)

Funders

The RSL is grateful to the following individuals and organisations who have generously supported its work in 2024, as well as those who wish to remain anonymous:

Amazon Literary Partnership Sir Christopher Ondaatje CBE Hon FRSL Lucy Astor Sir Michael Palin KCMG CBE FRGS FRSL Authors’ Licensing and Collecting Society (ALCS) P F Charitable Trust Lady Jennie Bland and family The St Aubyn Family Creative Scotland Ian Rankin OBE DL FRSE FRSL Ken Follett CBE FRSL J.K. Rowling OBE FRSL Hawthornden Foundation Barbara Whatmore Charitable Trust Jerwood Foundation Mary-Kay Wilmers Hon FRSL Sir Christopher Ondaatje CBE Hon FRSL Dame Jacqueline Wilson FRSL Maria Bjornson Memorial Fund

We are also grateful to the members of our Literature Matters Supporters’ Circle whose donations support our Literature Matters programme and the 1820 Club Members, whose support goes towards our RSL 200 fiveyear festival.

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The Royal Society of Literature

Report of the Trustees For the Year Ended 31 December 2024

Financial review

(Year ended 31 December 2024)

1. Overview

The Royal Society of Literature experienced a particularly demanding year in 2024. In February, the Trustees made a voluntary, precautionary self-referral to the Charity Commission, recognising that heightened public scrutiny posed a material reputational and therefore financial risk.

Active fundraising was minimal, and significant management time was redirected away from core charitable activity towards legal, media, and stakeholder engagement. Professional fees rose substantially, due largely to the need for specialist legal advice on matters raised by Fellows with the Charity Commission relating to the publication of the Review and Fellowship elections. Additional legal support was required for employmentrelated matters, alongside the cost of a comprehensive Governance Review delivered by Stone King and NCVO.

The Society’s investment portfolios returned a robust 11.2 per cent, total funds increased from £4.3 million to £4.4 million, and programme delivery remained strong, underpinning the RSL’s public-benefit objectives of advancing literature through events, prizes, and outreach.

2. Income and Expenditure

Total income for the year was £236,467 (2023: £254,690). This figure includes the restricted funds used to support prize-giving and associated administrative costs and income from endowments, which in aggregate were £132,687 in 2024 (2023: £121,031). In addition, £276,543 of unrestricted funds—primarily drawn from reserves—were used to support charitable, core operations and governance activities.

Total expenditure rose to £734,644 (2023: £576,937), driven by the launch of two new prizes (the Entente Litteraire and the Jerwood RSL Poetry Awards), the legal and governance costs outlined above, and the recruitment of an additional member of staff. Approximately 96 per cent of total expenditure (2023: 93 per cent) was applied directly to charitable activities.

Fundraising Statement

During 2024, the RSL did not engage any professional fundraisers or commercial participators and did not carry out mass-marketing appeals. All fundraising is undertaken by staff, in accordance with the Fundraising Regulator’s Code of Practice and Charity Commission guidance. No complaints were received in 2024. Measures to protect vulnerable people are embedded in the RSL’s Safeguarding Policy.

3. Reserves Policy

Following Charity Commission guidance, the Trustees aim to maintain unrestricted reserves equivalent to three to six months of core operating costs, which equates to £90,000 to £180,000 (2023: £90,000 to £180,000).

As at 31 December 2024, £591,780 (2023: £906,609) was held as unrestricted funds or as designated funds which can be used for operating costs if needed, substantially in excess of the guidance. We hold this level of reserves in order to safeguard our commitments to the projects and prizes we support to ensure that the Charty can effectively meet its needs. This level of reserves allows us to provide continuity for our activities and outreach if income levels drop or expenditure increases beyond the level forecast and takes into account uncertainty in some of RSL’s income streams.

As at 31 December 2024, £515,674 (2023: £545,559) was held as restricted funds and £3,121,255 (2023: £2,879,418) was held as endowment funds.

4. Investment Policy and Performance

All surplus cash and endowment assets are invested in portfolios managed by Navera (formerly Veritas Investment Management LLP). The portfolios are invested in the Protea Fund – Veritas High Equity and the Protea Fund – Veritas Core Equity with Fixed Income.

In February 2025, the Trustees formally adopted the RSL’s first written Investment Policy. This policy sets out the Society’s investment objectives, risk tolerance, liquidity needs, performance benchmarks, and ethical exclusions. A copy is available to Fellows on request.

Global equity and bond markets rallied for a second consecutive year, supported by falling inflation and renewed corporate earnings growth. Against this backdrop, the RSL’s consolidated portfolio returned 11.2 per cent.

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The Royal Society of Literature

Report of the Trustees For the Year Ended 31 December 2024

5. Principal Risks and Uncertainties

The Trustees review the Society’s risk register on a quarterly basis, with the most recent update completed in June 2025. The RSL applies a low-risk appetite to compliance, safeguarding and reputational matters, a moderate appetite to operational and financial risks, and a higher tolerance only where strategic innovation is involved.

The most significant ongoing risks include financial risk, particularly the potential for insufficient unrestricted reserves. This is actively mitigated through quarterly cash-flow forecasting, the maintenance of a three-to-sixmonth reserves policy, and efforts to diversify income sources. Fundraising risk remains a concern following a period of limited capacity and heightened public scrutiny; this will be addressed through a refreshed fundraising strategy to be implemented by the incoming Director. Reputational risk, especially in the wake of recent criticism, is managed through a clear communications plan and regular engagement with key stakeholders. Regulatory and compliance risk is overseen through annual policy reviews and external legal advice where appropriate.

6. Going Concern

The Trustees have assessed the Royal Society of Literature’s ability to continue as a going concern for at least twelve months from the date of approving these financial statements. Having reviewed budgets, cashflow forecasts, and the committed funding available from the Society’s endowments and other restricted and unrestricted reserves, they are satisfied that adequate resources will be available. Accordingly, it is appropriate to prepare the 2024 financial statements on a going concern basis. No material uncertainties have been identified that would cast significant doubt on the Charity’s ability to continue operating.

Future Plans

In November 2020 the RSL launched its bicentenary festival, RSL 200: five years of festivities celebrating the bicentenaries of years between the RSL’s founding in 1820 and receiving its Royal Charter in 1825. A programme of activity and development was approved by the RSL’s governing Council, and introduced between 2020 and 2025. In September 2025 the RSL will mark 200 years since receiving its Royal Charter by digitising the original documents from the archive held at Cambridge University Library, by hosting a Benson medal lecture in Oxford on 24 September. There is also the possibility of a collaboration with Front Row to mark the centenary.

At the Royal Society of Literature, we believe that literature matters — that it shapes society as well as reflecting it, and that it can change an individual life. With RSL 200, we take five years of bicentenaries — between the RSL’s founding in 1820 and receiving its Royal Charter and Roll Book in 1825 — to explore, interrogate and reimagine the best in British literature, past, present and future.

With a Fellowship that celebrates the great diversity of literary writing and writers in the UK, the RSL’s fiveyear festival continues to explore how writers are remembered and those voices that have been written out of the last 200 years of British literature.

Future Plans: (i) acting as a voice for the value of literature

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Report of the Trustees For the Year Ended 31 December 2024

Future Plans: (ii) engaging people in literature

The RSL’s diverse engagement and participation programme for 2025 includes:

We have grown the RSL Programmes Committee, bringing a group of RSL Fellows together to provide inspiration, expertise and knowledge of literary communities outside of London and inform the RSL’s public programmes and publications.

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Report of the Trustees For the Year Ended 31 December 2024

Future Plans: (ii) engaging people in literature (continued)

To help reach new audiences the Society will continue to develop partnerships including with:

•
•
•
•
•		 British Council
British Library
Coalition of Concerned Creators
Common English Forum
Crack Magazine
• Creative Access
• Creative Scotland
• Creators Rights Alliance
• Curtis Brown Heritage
• The Living Knowledge Network
• Durham Literature Festival
• Embassy of Ireland
• English Heritage
• English PEN
• FANE
• Financial Times Weekend
• First Story
• Forward Arts Foundation
• Give A Book
• Goldsmiths, University of London
• Hay Festival
• Hatchards Booksellers
• Historic Royal Palaces
• How the Light Gets In
• Islington Libraries
• King’s College London
• Literary Hub
• Literature Wales
• Literature Words
• London School of Economics
• London Library
• Museum of London

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The Royal Society of Literature

Report of the Trustees For the Year Ended 31 December 2024

Future Plans: (iii) honouring and encouraging great writers

Alongside this development of the Fellowship election process, RSL plans for 2025 include expanding on its experience of supporting and celebrating writers through online and in-person activities.

This will include:

Structure, governance and management

Governance

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Report of the Trustees For the Year Ended 31 December 2024

Governance (continued)

Key management and other human resources

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The Royal Society of Literature

Report of the Trustees For the Year Ended 31 December 2024

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

Approved on behalf of the board on 2i/|0[2025

and signed on their behalf by

....................................................................... ............................................................................... Reza Vishkai Ruth Scurr Trustee and Treasurer Trustee and Chair of Council

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The Royal Society of Literature

Independent Auditor’s Report to the Trustees of The Royal Society of Literature

Opinion

We have audited the financial statements of The Royal Society of Literature (the ‘charity’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

19

The Royal Society of Literature

Independent Auditor’s Report to the Trustees of The Royal Society of Literature

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

20

The Royal Society of Literature

Independent Auditor’s Report to the Trustees of The Royal Society of Literature

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Azets Audit Services Statutory Auditors, Chartered Accountants 2nd Floor, Regis House, 45 King William Street, London EC4R 9AN

Date: 27 October 2025

Azets Audit Services is eligible to act as auditor in terms of section 1212 of the Companies Act 2006.

21

The Royal Society of Literature

Statement of Financial Activities

For the Year Ended 31 December 2024

Note
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
£
£
£
INCOME
Donations and legacies
3
52,433
60,409
-
Trusts and foundations
4
-
30,000
-
Charitable activities
5
42,536
-
-
Other trading activities
6
125
-
-
Investment income
7
8,686
5,004
37,274
Other income
-
-
-
__
_
_
TOTAL INCOME
103,780
95,413
37,274
__
_
_
EXPENDITURE
Raising funds
8
28,288
553
4,061
Charitable activities
9
507,192
194,550
-
__
_
_
TOTAL EXPENDITURE
10
535,480
195,103
4,061
__
_
_
NET (EXPENDITURE)/INCOME
BEFORE GAINS & LOSSES ON
INVESTMENTS AND
TRANSFERS
(431,700)
(99,690)
33,213
Net gains/(losses) on
investments
17
64,299
40,751
311,297
__
_
__
NET (EXPENDITURE)/INCOME
BEFORE TRANSFERS
(367,401)
(58,939)
344,510
_
_
___
Transfer between funds
22-
24
73,619
29,054
(102,673)
__
_
__
NET MOVEMENT IN FUNDS
(293,782)
(29,885)
241,837
_
_
___
RECONCILIATION OF FUNDS
Total funds brought forward
906,609
545,559
2,879,418
__
___
______
TOTAL FUNDS
CARRIED FORWARD
612,827
515,674
3,121,255		 Total
2024
£
112,842
30,000
42,536
125
50,964
-
__
236,467
_
32,902
701,742
_
734,644
__
(498,177)
416,347
_
(81,830)
_
-
__
(81,830)
_
4,331,586
___
4,249,756		 Total
2023
£
84,146
58,075
63,440
-
46,082
2,947
__
254,690
_
41,306
535,631
_
576,937
__
(322,247)
383,470
_
61,223
_
-
__
61,223
_
4,270,363
___
4,331,586

There were no recognised gains or losses other than those shown in the Statement of Financial Activities. There were no acquisitions or discontinued operations during either of the above two financial years

The notes on pages 25 to 39 form part of the financial statements.

22

The Royal Society of Literature

Balance Sheet

As at 31 December 2024

Note 2024 2023
£ £ £ £
FIXED ASSETS:
Tangible fixed assets 15 1,482 3,206
Intangible fixed assets 16 15,540 19,980
Investments 17 4,260,887 4,238,402
______ ______
4,277,909 4,261,588
CURRENT ASSETS:
Debtors 18 31,719 43,180
Cash and bank 146,993 79,558
__ __
178,712 122,738
CURRENT LIABILITIES:
Creditors:
Amounts falling due within one year 19 (206,865) (52,740)
__ __
NET CURRENT ASSETS (28,153) 69,998
______ ______
NET ASSETS 4,249,756
______		 4,331,586
______
Unrestricted funds 21,047 38,286
Designated funds 21 591,780 868,323
Restricted funds 22 515,674 545,559
Endowment funds 23 3,121,255 2,879,418
______ ______
24 4,249,756
______		 4,331,586
______

Approved on behalf of the board on 21/0/2025

and signed on their behalf by

....................................................................... ............................................................................... Reza Vishkai Ruth Scurr Trustee and Treasurer Trustee and Chair of Council

The notes on pages 25 to 39 form part of these financial statements.

23

The Royal Society of Literature

Statement of Cash Flow

As at 31 December 2024

Note
Net cash (used in) operating activities
28
Cash flows from investing activities
Dividends and interest from investments
Purchase of tangible fixed assets
Purchase of intangible fixed assets
Purchase of investments
Proceeds from sale of investments
Net cash (used in) by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
Cash and cash equivalent consist of:
Cash at bank and in hand		 2024
£
(377,390)
___
50,964
-
-
(775,789)
280,000
__
(444,825)
_
67,435
79,558
_
146,993
____
146,993
 2023
£
(377,424)
___
46,082
(1,083)
(22,200)
(587,532)
16,500
__
(548,233)
_
(925,657)
1,005,215
_
79,558
____
79,558

The notes on pages 25 to 39 form part of these financial statements.

24

The Royal Society of Literature

Notes to The Financial Statements

For the Year Ended 31 December 2024

1. GENERAL INFORMATION

The Royal Society of Literature is a registered charity no 213962. It meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The Society operates from Somerset House, Strand, London WC2R 1LA.

2. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

(a) Basis of Accounting

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Royal Society of Literature meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

(b) Preparation of the accounts on a going concern basis

The Society has a reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future. With sufficient financial support secured to meet expenditure, and expenditure carefully managed, the financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. The Trustees have assessed the impact of restrictions on the charity and financial implications and are confident that resources are sufficient to meet its liabilities for 12 months from authorising their financial statements.

(c) Fund Accounting

Unrestricted Funds

General unrestricted funds represent funds which are expendable at the discretion of the Society in the furtherance of the objects of the Society and which have not been designated for other purposes.

Designated Funds

These funds represent amounts set aside by the Society for a specific purpose as set out in note 21. They may be returned to the General fund at the discretion of the Society.

Restricted Funds

These funds represent amounts which have been restricted by the donors for use for specific purposes as set out in note 22.

Endowment Funds

Endowment funds represent those assets which must be held permanently by the charity as set out in note 23.

Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted/restricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

25

The Royal Society of Literature

Notes to The Financial Statements

For the Year Ended 31 December 2024

2. ACCOUNTING POLICIES (continued)

(d) Income

All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.

Donation income is recognised when the Society has been notified in writing of both the amount and settlement date.

Legacy income is recognised at the earlier date of the date on which either: the Society is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Society that a distribution will be made, or when distribution is received from the estate

Corporate sponsors’ income is recognised in the period in which the income relates to.

Membership and Fellowship income is included in the period in which the income is received.

Income from charitable activities includes income earned from events and classes held by the charity. It is included in the year the event/class occurred.

Income from trading activities includes advertising income and rental income. It is included in the period in which the income relates to.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by or investment advisor of the dividend yield of the investment portfolio.

(e) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accrual basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (g) below.

Costs of raising funds consist of investment management fees for the period, and costs in relation to fundraising expenditure.

Costs of charitable activities consist of those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them.

(f) Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

26

The Royal Society of Literature

Notes to The Financial Statements

For the Year Ended 31 December 2024

2. ACCOUNTING POLICIES (continued)

(g) Allocation of support and governance costs

Support costs are those functions that assist the work of the Society but do not directly undertake charitable activities. Support costs include office costs, finance, personnel, payroll and governance costs which the support the Society’s events.

Governance costs comprise all costs involving the public accountability of the Society and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.

Support and Governance costs are allocated to charitable activities in proportion to the direct charitable expenditure on that activity, where the charity considers that support costs are incurred as part of the delivery of that activity.

(h) Pension

The Society operates a defined contribution scheme. Contributions payable to the charity’s pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

(i) Operating leases

The Society classifies the rental lease as an operating lease; the title to the building remains with the lessor.

Rental charges are charged on a straight line basis over the term of the lease.

(j) Tangible fixed assets

Individual tangible fixed assets costing £250 or more are capitalised at cost.

Depreciation on tangible fixed assets is calculated to write off the cost on a straight line basis over their expected useful lives, at the following rates:

Computer equipment: 33.3%

(k) Intangible fixed assets

Amortisation on intangible fixed assets is calculated to write off the cost on a straight line basis over their expected useful lives, at the following rates:

Website: 5 years straight line

(l) Fixed asset investments

Investments are a form of basic financial instruments and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between the sale proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later)

The Society does not acquire put options, derivatives or other complex financial instruments.

27

The Royal Society of Literature

Notes to The Financial Statements

For the Year Ended 31 December 2024

2. ACCOUNTING POLICIES (continued)

(m) Debtors

Other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Accrued income is measured at the amount due to be received.

(n) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar accounts.

(o) Creditors

Creditors are recognised where the Society has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Other creditors and accruals are recognised at their settlement amount due.

(p) Financial instruments

The Society only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

(q) Taxation

As a charity, the Society is not liable to taxation on its income or on surpluses on disposal of investments.

(r) Judgements and key sources of estimation uncertainty

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Useful economic lives of tangible and intangible fixed assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 15 for the carrying amount of the property plant and equipment, and note (j) for the useful economic lives for each class of assets.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

28

The Royal Society of Literature

Notes to The Financial Statements

For the Year Ended 31 December 2024

3. DONATIONS AND LEGACIES

Unrestricted
Funds
Restricted
Funds
Endowment
Funds
£
£
£
Corporate sponsors
11,460
-
-
Individual donations
26,459
29,651
-
Legacies
5,000
-
-
Public sector
-
30,758
-
Gift aid
9,514
-
-
_
_
____
52,433
60,409
-		 Total
2024
£
11,460
56,110
5,000
30,758
9,514
____
112,842		 Total
2023
£
21,100
53,046
5,000
5,000
-
____
84,146

In 2023, £39,295 of donations and legacies was attributable to the unrestricted fund, £44,851 was attributable to the restricted fund and nil was attributable to the endowment fund.

4.

TRUST AND FOUNDATIONS

Unrestricted
Funds
Restricted
Funds
Endowment
Funds
£
£
£
Creative Scotland
-
25,000
-
Barbara Whatmore Charitable
Trust
-
2,000
-
Jerwood Arts
-
-
-
Maria Bjornson Memorial Fund
-
-
-
P F Charitable Trust
-
-
-
D R Fine Charitable Trust
Grocers Hall Charity
-
-
-
3,000
-
-
_
_
____
3,075
30,000
-		 Total
2024
£
25,000
2,000
-
-
-
-
3,000
____
30,000		 Total
2023
£
-
-
50,000
5,000
3,000
75
-
____
58,075

In 2023, £3,075 of trusts and foundations was attributable to the unrestricted fund, £55,000 was attributable to the restricted fund and nil was attributable to the endowment fund.

5. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
Funds
Restricted
Funds
Endowment
Funds
£
£
£
Event ticket sales
480
-
-
Prize entry fees
5,654
-
-
Membership and Fellowship
35,814
-
-
Other
588
-
-
_
_
____
42,536
-
-		 Total
2024
£
480
5,654
35,814
588
____
42,536		 Total
2023
£
1,775
7,193
54,262
210
____
63,440

In 2023, all the £63,440 of income from charitable activities was attributable to the unrestricted funds.

29

The Royal Society of Literature

Notes to The Financial Statements

For the Year Ended 31 December 2024

6. INCOME FROM OTHER TRADING ACTIVITIES

Unrestricted
Funds
Restricted
Funds
Endowment
Funds
£
£
£
Merchandise
-
-
-
Rental Income
Advertising
-
125
-
-
-
-
_
_
____
125
-
-		 Total
2024
£
-
-
125
____
125		 Total
2023
£
-
-
-
____
-

7.

INVESTMENT INCOME

Unrestricted
Funds
Restricted
Funds
Endowment
Funds
£
£
£
Income from investments
8,615
5,004
37,274
Bank interest
71
-
-
_
_
____
8,686
5,004
37,274		 Total
2024
£
50,893
71
____
50,964		 Total
2023
£
45,684
398
____
46,082

In 2023, £24,902 of the investment income was attributable to the unrestricted fund, £6,916 was attributable to the restricted fund and the remaining £14,264 was attributable to the endowment fund.

8. RAISING FUNDS

Unrestricted
Funds
Restricted
Funds
Endowment
Funds
£
£
£
Investment management fees
833
553
4,061
Fundraising costs
27,455
-
-
_
_
____
28,288
553
4,061		 Total
2024
£
5,447
27,455
____
32,902		 Total
2023
£
4,372
36,934
____
41,306

In 2023, £36,938 of the expenditure in relation to raising funds was attributable to the unrestricted fund, £595 was attributable to the restricted fund and the remaining £3,773 was attributable to the endowment fund.

30

The Royal Society of Literature

Notes to The Financial Statements

For the Year Ended 31 December 2024

9. CHARITABLE ACTIVITIES

Unrestricted
Funds
Restricted
Funds
Endowment
Funds
£
£
£
Public Events
111,593
-
-
Awards & Prizes
123,497
187,041
-
Communications & Publications
131,702
-
-
Engagement (Outreach)
17,982
7,509
-
Membership & Fellowship
117,579
-
-
Research
4,839
-
-
Bicentenary
-
-
-
_
_
____
507,192
194,550
-		 Total
2024
£
111,593
310,538
131,702
25,491
117,579
4,839
-
____
701,742		 Total
2023
£
61,110
204,692
111,474
55,685
93,853
4,426
4,391
____
535,631

In 2023, £89,509 of the expenditure in relation to charitable activities was attributable to the unrestricted fund, £146,122 was attributable to the restricted fund and nil was attributable to the endowment fund.

10.

ANALYSIS OF EXPENDITURE

Direct
Charitable
Support
costs
(note 11)
£
£
Public Events
81,575
30,018
Awards & Prizes
228,351
82,187
Communications & Publications
96,275
35,427
Engagement (Outreach)
18,634
6,857
Membership & Fellowship
85,951
31,628
Research
3,537
1,302
Bicentenary
-
-
__
_
Charitable expenditure
514,323
187,419
Raising funds
25,516
7,386
___
______
539,839
194,805		 Total
2024
£
111,593
310,538
131,702
25,491
117,579
4,839
-
__
701,742
32,902
____
734,644		 Total
2023
£
61,110
204,692
111,474
55,685
93,853
4,426
4,391
__
535,631
41,306
____
576,937

In 2023, £461,937 of the expenditure related to direct charitable expenditure, and the remaining £115,000 related to support costs.

11. SUPPORT COSTS

Governance costs (note 12)
Accountancy fees
IT costs
Rent & rates
Office costs
Depreciation
Amortisation
Bank charges
Meeting costs
HR costs
Sundries
Staff related costs (including employee settlement costs)		 2024
£
68,516
16,097
6,809
21,168
4,995
1,724
4,440
248
-
10,442
221
60,145
____
194,805		 2023
£
32,549
17,531
4,307
22,593
4,535
1,394
2,220
429
2,235
1,401
187
25,619
____
115,000

31

The Royal Society of Literature

Notes to The Financial Statements

For the Year Ended 31 December 2024

12.
GOVERNANCE COSTS
Auditor’s remuneration
-
Audit fee (including VAT)
-
Non-audit fee (including VAT)
-
Over/under accrued in previous years
Other costs
Meeting costs
Governance review
Professional fees
Trustee expenses
Total governance costs
13.
NET(EXPENDITURE)/INCOME FOR THE YEAR
This is stated after charging:
Depreciation
Amortisation
Operating lease costs
14.
ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND
EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL
Salaries and wages
Social security costs
Pension costs
Employee settlement costs
The average number of employees by head count:		 2024
£
15,300
1,920
1,776
(80)
12,311
16,710
20,323
256
_
68,516
_
2024
£
1,724
4,440
15,372
__
2024
£
237,073
19,822
14,288
38,000
_
309,183
_
7
 2023
£
13,200
1,800
3,000
-
14,365
-
-
184
_
32,549
_
2023
£
1,394
2,220
15,762
__
2023
£
200,388
14,205
10,674
-
_
225,267
_
6

Employee time has been allocated either;

i) To direct costs on a percentage of the time spent by an employee on an activity ii) To support costs allocated on a percentage basis over all the costs.

During the year, the following employees received total employee benefits (excluding employer pension’s costs) over £60,000, in the following bands:

No. No. £90,001 - £100,000 1 -

During 2024, no Trustees (2023: £nil) were paid or received any other benefits from employment with the Society. 3 Trustees (2023: 2) were reimbursed for travel and meeting expenses amounting to £273 (2023: £201).

The key management of the Society comprise the Director, the Head of Operations, the Head of Communications and Partnerships and the Head of Programme (from 10 November 2024) (2023: the Director and the Head of Operations). The total employee benefits of the key management personnel of the Society were £203,390 (2023: £118,365).

32

The Royal Society of Literature

Notes to The Financial Statements

For the Year Ended 31 December 2024

15. TANGIBLE FIXED ASSETS
Computers Total
£ £
Cost
As at 1 January 2024 12,148 12,148
____ ____
As at 31 December 2024 12,148 12,148
____ ____
Depreciation
As at 1 January 2024 8,942 8,942
Charge for year 1,724 1,724
____ ____
As at 31 December 2024 10,666 10,666
____ ____
Net Book Values
At 31 December 2024 1,482
____		 1,482
____
At 31 December 2023 3,206
____		 3,206
____
16. INTANGIBLE FIXED ASSETS
Website Total
£ £
Cost
As at 1 January 2024 22,200 22,200
____ ____
As at 31 December 2024 22,200 22,200
____ ____
Amortisation
As at 1 January 2024 2,220 2,220
Charge for year 4,440 4,440
____ ____
As at 31 December 2024 6,660 6,660
____ ____
Net Book Values
At 31 December 2024 15,540
____		 15,540
____
At 31 December 2023 19,980
____		 19,980
____

33

The Royal Society of Literature

Notes to The Financial Statements

For the Year Ended 31 December 2024

17. FIXED ASSET INVESTMENTS

17. FIXED ASSET INVESTMENTS
2024 2023
£ £
At 1 January 2024 3,653,580 2,857,198
Additions in year 466,000 429,412
Disposal proceeds (280,000) (16,500)
Gain/(losses) on investments 416,347 383,470
____ ____
At 31 December 2024 4,255,927
____		 3,653,580
____
Historical cost of listed portfolio 3,368,025
____		 3,177,327
____
Investments at fair value compromise:
Equities 4,135,532 3,505,124
Balanced 120,396 148,456
______ ______
4,255,928 3,653,580
Cash within investment portfolio 4,959 584,822
____ ____
4,260,887
____		 4,238,402
____
The Charity’s investment in the following represented more than 5% of the managed portfolio at the year-end:
Protea Fund 4,255,928 3,653,580
____ ____
18. DEBTORS
2024 2023
£ £
Other debtors 2,656 8,826
Prepayments 11,546 21,865
Accrued income 12,528 7,500
Rent deposit 4,989 4,989
____ ____
31,719
____		 43,180
____
19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 69,879 7,482
Other creditors 10,602 11,068
Accruals and deferred income (note 20) 126,384 34,190
____ ____
206,865 52,740
____ ____

34

The Royal Society of Literature

Notes to The Financial Statements

For the Year Ended 31 December 2024

20. DEFERRED INCOME

At 1 January 2024
Additions during the year
Amounts released to income
At 31 December 2024		 2024
£
16,065
21,543
(14,065)
____
23,543
 2023
£
16,019
16,065
(16,019)
____
16,065

Deferred income relates to income from membership and subscriptions received during the year relating to 2025.

21. DESIGNATED FUNDS – Current year

At 1 Jan New Designation At 31 Dec
2024 Designation Released 2024
£ £ £ £
Future Funds 868,323
____		 -
____		 (276,543)
____		 591,780
____

In advance of its bicentenary in 2020, the RSL released a designated fund from its reserves.

This fund was the accumulated unrestricted legacy left by former Fellow Kathleen Odell (Betty D’Alton), previously held as endowment. The designated fund and its expenditure over the coming years will be overseen by the Finance and HR Committee, with approval from Council.

In 2022 the RSL received a major grant from the Hawthornden Foundation to support the organisation’s work over the RSL 200 festival and into the years after. This has been added to the Future Fund as part of that designated fund.

As a guideline for trustees and for staff leads, Council approved a three-point signoff for any new programmes to be part-funded from the Future Fund:

  1. Does the proposed programme fit with the RSL’s overall objective of the advancement of literature, and meet two out of three of its aims (to act as a voice for the value of literature; to engage the public in literature; to recognise and encourage great writers)?

  2. Are there potential funder(s) identified to support the costs of the proposed programme? The RSL will not commit Future Fund money to support 100% of the costs of any programme. Any new initiative should introduce the RSL to a new funder or develop the Society’s relationship with a current funder to sustain future funding.

  3. Does this programme work with current partners for the RSL, or introduce us to new partners? The RSL particularly looks to build on and develop new partnerships across the UK, outside London.

These restrictions – established, overseen and monitored by the Council – are subject to review in the event of times of significant difficulty. This fund supports the RSL through years of development over the course of RSL 200, and through challenging times, and sures up the Society’s position in the face of unpredictable challenges.

In 2024, £81,023 ‘exceptional costs’ were identified, that although came out of cash balances in 2025, were accrued into the 2024 accounts, and therefore should also be recognised in the Future Funds c/fwd balance.

21A DESIGNATED FUNDS – Prior year
At 1 Jan New Designation At 31 Dec
2023 Designation Released 2023
£ £ £ £
Future Funds 1,092,239
____		 -
____		 (223,916)
____		 868,323
____

35

The Royal Society of Literature

Notes to The Financial Statements

For the Year Ended 31 December 2024

22.
RESTRICTED FUNDS – Current year
At 1 Jan
2024
£
VS Pritchett Prize fund
375
Encore Award Prize Fund
3,005
Ondaatje Prize Fund
143,048
Christopher Bland Prize Fund
310,677
Literature Matters Awards
-
Giles St Aubyn
-
Entente Litteraire Prixe
(177)
International Writers
4,703
Benson Medal
(530)
Amazon Partnership
12,718
Jerwood RSL Poetry
54,991
Public Events
-
Engagement (Outreach)
17,467
Communications (RSL Review)
(718)
Disabled Writers Prize
-
____
545,559		 Income
Expenditure
£
£
-
-
29,651
(27,357)
1,624
(38,273)
3,380
(13,977)
-
(19,884)
-
(23,776)
16,858
(11,333)
-
-
-
-
-
-
25,000
(52,994)
-
-
15,900
(7,509)
-
-
3,000
-
_
_
95,413
(195,103)		 Gains/
(losses)
Transfers
£
£
-
(375)
-
-
10,940
4,594
29,811
(38,532)
-
19,884
-
47,656
-
-
-
(4,703)
-
530
-
-
-
-
-
-
-
-
-
-
-
-
_
_
40,751
29,054		 At 31
Dec
2024
£
-
5,299
121,933
291,359
-
23,880
5,348
-
-
12,718
26,997
-
25,858
(718)
3,000
____
515,674

The funds for the VS Pritchett Memorial Prize, Encore Award, RSL Ondaatje Prize and RSL Christopher Bland Prize were expended on these respective literary prizes and the associated costs of administration and prizegiving events: see Trustees’ Report pages 9 to 11. Each year, additional costs of the RSL Ondaatje Prize are met with the RSL’s unrestricted funds, so there was a transfer from the unrestricted fund to the Ondaatje restricted fund during the year.

The Literature Matters Awards expenditure is related to the Literature Matters Awards Endowment. Expenditure from this restricted fund relates to this set of project Awards.

The RSL Giles St Aubyn Awards expenditure is related to the Giles St Aubyn Endowment. Expenditure from this restricted fund relates to a set of non-fiction Awards, as stipulated in the legacy left by former Fellow Giles St Aubyn.

The Entente Littéraire Prize was announced in September 2023 and first awarded in December 2024 by Her Majesty The Queen and Madame Brigitte Macron, to mark the 120th anniversary of Entente Cordiale. The Prize is a UK-France literary prize awarded for literature in French and English translation, encouraging and celebrating the joy of reading and shared literary experiences between France and the UK. Supported by the British Embassy in Paris, the UK’s Foreign, Commonwealth and Development Office and Department for Culture, Media and Sport, the French Embassy in the UK and the French Ministry of Culture. The RSL works alongside Institute Français to administer the Prize.

The Benson Medal is awarded annually. It honours a whole career rather than a single work, has been awarded several times to writers in other languages, and is now awarded those who are not writers, but who have done conspicuous service to literature. The Medal was redesigned in 2020 to mark the Society’s Bicentenary. In 2023 the RSL commissioned the creation of medals for the next 10 years. The 2023 costs will be offset through unrestricted funds each year for the next decade.

The RSL Jerwood Poetry Awards were announced in November 2023 as part of the RSL’s 203rd birthday and awarded in December 2024. This round of Awards created an opportunity for a cohort of four Awardees, one poet from each nation – England, Northern Ireland, Scotland and Wales. They each received £10,000, a sum designed to create the time and space for them to focus on practice development and writing.

The funds for Public events were expended on the RSL’s public events programme, as specified by sponsors and funders.

Funding was carried forward into 2025 to complete the engagement project Get Creative for Climate Justice – held in collaboration with Oxfam, Christian Aid and CAFOD - which began in late 2023 and concluded in March 2025.

36

The Royal Society of Literature

Notes to The Financial Statements

For the Year Ended 31 December 2024

22. RESTRICTED FUNDS – Current year (continued)

Funding was carried forward into 2025 for scoping for a Disabled Writers Prize.

Transfers at the year-end represent the routine annual drawdown to support expenditure in with the policy for 2025.

22A RESTRICTED FUNDS – Prior year

At 1 Jan Income Expenditure Gains/ Transfers At 31 Dec
2023 (losses) 2023
£ £ £ £ £ £
VS Pritchett Prize fund 1,086 4,000
(4,711)		 - - 375
Encore Award Prize Fund 1,845 22,351
(21,191)		 - - 3,005
Ondaatje Prize Fund 161,139 2,598
(35,866)		 15,177 - 143,048
Christopher Bland Prize Fund 292,253 4,318
(16,020)		 30,126 - 310,677
Literature Matters Awards - -
(26,029)		 - 26,029 -
Giles St Aubyn 3,403 -
(25,390)		 - 21,987 -
Entente Litteraire Prixe - -
(177)		 - - (177)
International Writers 7,970 3,500
(6,767)		 - - 4,703
Benson Medal (530) -
-		 - - (530)
Intern Sponsorship 7,718 5,000
-		 - - 12,718
Jerwood RSL Poetry - 55,000
(9)		 - - 54,991
Public Events 582 -
(582)		 - - -
Engagement (Outreach) 10,287 7,500
(320)		 - - 17,467
Communications (RSL (3,218) 2,500
-		 - - (718)
Review)
Sky Arts 9,655 -
(9,655)		 - - -
____ ___ ____ ____ ____ ____
492,190
____		 106,767
___		 (146,717)
____		 45,303
____		 48,016
____		 545,559
____

23. ENDOWMENT FUNDS – Current year

At 1 Jan
2024
£
Permanent Endowment
855,819
Literature Matters Awards
Endowment
850,701
Giles St Aubyn Endowment
1,172,898
____
2,879,418		 Income
Expenditure
Gains/
(losses)
Transfers
At 31 Dec
2024
£
£
£
£
£
11,645
(1,283)
98,798
(25,073)
939,906
11,575
(1,275)
98,207
(20,000)
939,208
14,054
(1,503)
114,292
(57,600)
1,242,141
___
_
_
_
_
37,274
(4,061)
311,297
(102,673)
3,121,255

The Society holds three endowments:

Transfers at the year-end represent the routine annual drawdown to support expenditure in line with policy for 2025.

37

The Royal Society of Literature

Notes to The Financial Statements

For the Year Ended 31 December 2024

23A ENDOWMENT FUNDS – Prior year
At 1 Jan Income Expenditure Gains/ Transfers At 31 Dec
2023 (losses) 2023
£ £ £ £ £ £
Permanent Endowment 847,832 -
(1,248)		 112,375 (103,140) 855,819
Literature Matters Awards
Endowment 775,132 -
(1,141)		 102,739 (26,029) 850,701
Giles St Aubyn Endowment 1,059,969 14,264
(1,384)		 122,036 (21,987) 1,172,898
____ ___ ____ ____ ____ ____
2,682,933
____		 14,264
___		 (3,773)
____		 337,150
____		 (151,156)
____		 2,879,418
____

24. ANALYSIS OF NET ASSETS BETWEEN FUNDS – Current year

Unrestricted Restricted Endowment Total
Funds Funds Funds Funds 2024
£ £ £ £
Fixed assets 17,022 - - 17,022
Investments 726,340 413,292 3,121,255 4,260,887
Current assets 71,330 107,382 - 178,712
Creditors due within one year (201,865) (5,000) - (206,865)
____ ____ ____ ____
612,827
____		 515,674
____		 3,121,255
____		 4,249,756
____

24A ANALYSIS OF NET ASSETS BETWEEN FUNDS – Prior year

Unrestricted Restricted Endowment Total
Funds Funds Funds Funds 2023
£ £ £ £
Fixed assets 23,186 - - 23,186
Investments 905,259 453,725 2,879,418 4,238,402
Current assets 30,904 91,834 - 122,738
Creditors due within one year (52,740) - - (52,740)
____ ____ ____ ____
906,609
____		 545,559
____		 2,879,418
____		 4,331,586
____

25. PENSION SCHEME

The Charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £14,287 (2023: £10,674).

26. LEASE COMMITMENTS

Total future minimum lease payments under the current operating lease are as follows:

Not later than one year
Later than one and not later than five years		 2024
£
5,214
-
____
5,214
 2023
£
20,481
5,214
____
25,695

A new lease was signed on 26 March 2025, for a period of 3 years from 1 April 2025, with a six-month breakclause.

38

The Royal Society of Literature

Notes to The Financial Statements

For the Year Ended 31 December 2024

27. RELATED PARTY TRANSACTIONS

The following Society trustees were paid during the year for services to the Society:

28. RECONCILIATION OF NET CASH (USED IN) OPERATING ACTIVITIES

Net income
Adjustments for:
-
Interest and dividends
-
Losses/(gains) on investments
-
Depreciation and amortisation
-
Decrease/(Increase) in debtors
-
Increase/(Decrease) in creditors		 2024
£
(81,830)
(50,964)
(416,347)
6,165
11,461
154,125
_______
(377,390)
 2023
£
61,223
(46,082)
(383,470)
3,614
(4,223)
(8,486)
_______
(377,424)

39